1 - West Michigan Chapter APA - Home Page
A record of the daily transactions of a business is a:Balance sheetJournalLedgerChart of accountsWhat is normal accounting flow?Ledger =>Journal => Transaction => Financial StatementsTransaction => Ledger => Journal => Financial StatementsTransaction => Journal => Ledger => Financial StatementsJournal => Transaction => Ledger => Financial StatementsWhich of the following would not be an asset?CashAccounts receivableInventoryAccounts payableThe report used to detail the transactions in all of the accounts of the business entity is:Income StatementBalance SheetStatement of EarningsGeneral LedgerIn what section of the balance sheet would you find payroll accruals?Long-term liabilitiesCurrent assetsPlant and EquipmentCurrent liabilitiesIndicate whether the following budget variances are favorable or unfavorable.Welder wagesBudget: $500Actual: $600 UNFAVORABLEClerical wagesBudget: $1,000Actual: $800 FAVORABLEFICA expenseBudget: $900Actual: $950 UNFAVORABLEProfessional feesBudget: $600Actual: ($600) FAVORABLEGroup medicalBudget: $2,000Actual: $1,050 FAVORABLECircle one of the two statements that match the corresponding debit or credit.DebitIncurred additional expense Incurred additional liabilityCreditAdded cash to account Added purchases to credit card accountDebitReduced a liability accountDecreased salaries for the monthAll of the following factors are used in figuring an employee’s federal tax withholding EXCEPT:Marital StatusNumber of AllowancesRegular Rate of payPay frequencyWhen an employee is overpaid and the repayment occurs in the same year, the repayment requested is the employee’s:Net OverpaymentGross OverpaymentGross overpayment minus social security and Medicare tax. An employee contributes $175 per month to an employee’s cafeteria benefit plan. Since her husband has medical/dental coverage through his employer, she wants to take the $175 per month in cash. Which of the following statements is true?The option is not available; if the amount is not spent, it is lost. The $175 becomes taxable income.Only social security tax and Medicare tax are withheld from the $175 per month.The $175 is tax-free benefit to her.The special discrimination tests for 401K plans are both based on the ADP of employees who are eligible to participate in the plan. What does ADP mean?Automatic deferred pensionActual deferred pensionActual deferral percentageActual defined percentage12. Match the following GAAP Principles to their definition:A. Realization Principle1. Every company is operated separately as a business entity, separate from owner’s or employee’s transactions.B. Matching Principle2. All goods and services purchased are recorded at the cost of acquiring them.C. Continuing Concern Concept3. Governs the recording of revenue, that it is recognized when earned.D. Cost Principle4. Expenses and revenue are recorded in the accounting period in which the expense happens and the revenue is earned.E. Business Entity Concept5. Assumes the company will continue to operate indefinitely as a business.A – 3; B – 4; C - 5; D – 2; E - 113.Bob earns $7.50 per hour for a regular 40 hour week. Last week Bob worked 48 hours. His regular deductions include:Federal Income Tax$58.50State Income Tax$11.70Social Security Tax$16.38Medicare Tax$5.66Child Support$25.00What is Bob’s disposable pay?Reg Pay $7.50 x 48 hrs = $360.00Overtime Premium 7.50 x .5 = 3.75 x 8 =$ 30.00FIT($58.50)SIT($11.70)Social Security tax($16.38)Medicare tax(5.66)Disposable Income is$297.7614.If the records required by the FLSA are maintained at a central location, how soon after a Department of Labor request must the employer make them available?A.24 hoursB.48 hoursC.72 hoursD.10 days15.How long does the ADEA require that records of an employee’s name, address, date of birth, occupation, pay rate, and compensation earned by kept?A.2 yearsB.3 yearsC.4 yearsD.5 years16.Under the employer’s disability plan, the employer pays 80% of the cost of insurance and the employee pays the difference. An employee received $3,000 in disability pay from a third party insurer during the first six calendar months of disability, and $500 a month for each of the next three months. How much of the disability pay is taxable for social security and Medicare, and how much is taxable for FIT?$2,400 SS and Med Taxable, $3,600 FIT taxable $3,000 x 80% = $2400.00 SS and Med Taxable$500 x 80% = $400.00 x 3 = $1,200.00 + $2400.00 = $3,600.00 FIT Taxable17.An employee receives serious car injuries while away from work on 2/15/2014 and does not return to work until 11/1/2014. Through what date must the employer withhold and pay social security, Medicare, and FUTA taxes on sick pay given to the employee by the employer?A.7/15/2014B.8/15/2014C.8/31/2014D.9/01/201418.Debbie accepts a new job in 2012 with the same employer that requires her to move from Chicago, IL to Austin TX. Debbie easily meets the distance test for a job-related move, and her employer expects her to work at least 39 weeks in Austin during the next 12 months. Debbie’s employer reimburses her in 2012 for the following expenses for her move from Chicago:Moving, Packing and Storage charges$2,800.00Travel Expenses during the move$1,500.00*including $150 for mealsPre-move house hunting expenses$1,400.00*Including $300 for mealsTemporary Living expenses$1,200.00*Including $400 for mealsSelling expenses of old residence$9,700.00Relocation Bonus$4,000.00TOTAL$20,600.00How much of the reimbursement is a nontaxable qualified moving expense reimbursement for Debbie?Moving, Packing and Storage charges$2,800.00Travel Expenses during the move$1,500.00*including $150 for meals-$150.00Total $4150.00Fun with Forms!Which form is used by an insurance company to report social security tax and Medicare tax withheld from third-party sick pay?Form 941Form 943Form 944Form 945Which form is used to report taxes on agricultural employees’ wages?Form 941Form 943Form 944Form 945Which form is used to quarterly report taxable social security and Medicare wages?Form 940Form 941Form 944Form 945Which form is used for determining a worker’s status for FUTA and FIT?Form SS-4Form SS-5Form SS-7Form SS-8Which Form is used for Notice of Levy on Wages, Salary and Other Income?Form 668-DForm 668-WForm 673-LForm 673-WWhich form is used for Transfer of Stock Acquired through an Employee Stock Purchase Plan under Section 423(c)?Form 2848Form 3903Form 3921Form 3922Which form is used for Application for Extension of time to File Information Returns?Form 8802Form 8809Form 8846Form 8919 ................
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